Let the bad times roll

12 May 2008 By Mike Verdin

The Australian bank s interest in rival St George follows its purchase of crunchsunk Rams. A combination with the fifthranked rival would make Westpac Australia s market leader. St George may balk, but Westpac boss Gail Kelly s inside knowledge could help the big bank prevail.

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Westpac, Australia's fourthlargest bank, is close to sealing its takeover of fifthranked rival St George, according to Dow Jones.

Westpac said it had approached St George on May 9 about a deal, which would create the country's biggest lender. St George said it expects to make an announcement on the approach before the start of trade on May 13.

Trading in both banks' shares has been suspended. Share prices at close of trade on May valued Westpac at Aus$49bn ($46bn) and St George at Aus$15bn ($14.1bn).

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